How UAE Expats will Benefit from the New Visa and Ownership Rules
Ebi Kadavan, Assistant Manager
Do you get fed up with the long and complicated process of residency visa renewal process? If you happen to be a specialist in medical, scientific, research and technical fields and an “exceptional” student in UAE, you need not bother about visa renewal for a decade.
The UAE government has recently announced alterations in policies relating to visa renewal and foreign ownership of companies. A 10-year visa will definitely add value to the economy of UAE as it will encourage people of advanced skills, especially in areas of science and technology, to prolong their stay in the country. Top qualified expats who graduate from universities in UAE need not go back to their native to hunt for a job, as they can stay in the country for longer duration and enter the local workforce. These qualified employees will be a boon to the country’s economy.
Contrary to the previous system that requires you to join hands with a UAE national to set up business outside a free zone, the current rule promises complete foreign ownership to companies operating in UAE. The new move will encourage more investors to establish their enterprise in UAE, which will result in a significant positive effect on foreign direct investments. The UAE has once again proved that it is one of the most investor-friendly nations and a competitive market.
According to experts, some of the changes expected out of these new rules are- population stabilisation and growth, renewed confidence in the property market and an increase in expat end-user purchasers.
The foreign direct investment into UAE in 2017 was $11 billion, which is expected to surge once the new policy takes over. One will have to wait for few more months to enjoy the benefits of the new rules as it will come into effect only by the end of this year.
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